Steemit Crypto Academy Contest / S3W4 – Cryptocurrency Trading by @emmy7924
Hello Friend
Greetings to you you friend and how was your day. I hope you are very much fine and having a nice time with your loved ones. Today, I am here to present my post on cryptocurrency trading as part of my entry to the Steemit Crypto Academy Contest.
Discuss in your own words what is cryptocurrency trading? And tell us what type of trader are you or do you see it more effective? Justify your answers.
Cryptocurrency trading is all about buying cryptocurrency at a cheaper price and selling it at a higher price as a mean of making profit. However, friend that is just for layman understanding. In other way round, Cryptocurrency trading is defined as the process of studying a certain cryptocurrency before buying and selling the cryptocurrency.
Cryptocurrency trading has to do with carryingout some analysis before entering the market so as to minimize risk that lead to greater losses. In order for any trader to trade cryptocurrency with less risk he or she needs to carry-out some analysis before entering the market and in the cryptocurrency market trader can either buy cryptocurrency by using Spot trade, Future trade or Margin Trade.
The type of trader I am
As it stands right now I am a Swing trade. I love to be swing trader because I don't like staying in the market for long after having my target. I prefer being a swing trader than been a scalper trader. The reason why I love swing trader is that i don't feel upset based on market changes since I have understand the market and knows what I want to achieve in the market.
However, as a swing trader, I rely more on technical analysis before entering the market. My aim of carrying technical analysis is to know the previous price and current price of the underlying asset before jumping into the market.
Have you tested several time units? What Timeframe and Crypto Asset Pairs Are Best for You? Why?
Basically speaking, I have tested several times unit when I was trading as a day trader before becoming a swing trader. As a trader I have tested 5M, 15M and 1hour units before. Currently right now I only depend on 25 minutes timeframe for my trading.
The crypto asset pairs that are best for me are;
- STEEM/USDT
- TRX/USDT
- BTC/USDT
- ETH/USDT
The reasons why I prefer trading my crypto assets with USDT pair is that USDT is a stablecoins that doesn't devalued itself like other crypto. Selling my crypto for USDT is more safe and convenient for more and sometime even profitable to me whenever dollar increase nor my local currency which is Naira devalued.
To acquire some trading experience, it is important to trade regularly. Have you had regular trading activity over the last few months? Tell us what you learned from this experience. ( I.e: Over the long term, do your gains exceed your losses? Do you have a method of recording and reviewing your trades to improve your performance? refined your trading system after being dissatisfied with its results?)
For the past few months I have had some regular trading which I have learn so much from my trading. Part of the things that I have learned from regular trading is not to hold my order for too long because it can easily fall since we are experiencing a bearish market.
I have also learned how to Open and Close my position untime so as to exit the market early even before I go to bed. However, over the short term I have gained excess and also loss excess. There was a day that I make a profit from the PSG coin that I was holding in my Roqqu wallet.
My method of recording and reviewing my trades to improve my performance.
My method of recording and reviewing my trades to improve my performance is done in two ways which are;
Going through my trade history (Past and Current History) and
Writing down my Entry price.
One of the method that I used in recording my trade is my reviewing my trade history where I get to see all the information and time that I enter the market. In the trade history I often see the time that my order was execute, entry price and exit price which help me to know if am making profit or loss.
Also i usually write down most of the coins that I bought and also their prices inside my small jotter. Normally, most of the coin that I usually buy from my Roqqu wallet are the ones that I do write down since Roqqu doesn't have features like Binance.
What impact does artificial intelligence have on crypto trading in the short and long term? Have you used before or want to handle an automatic trading robot? Tell us the causes of your choice.
Artificial Intelligence have a very significant impact on crypto trading in the short and long term in several ways. Artificial Intelligence on crypto trading can boast the market capitalization of cryptocurrency as everyone would just be using artificial Intelligence for they trading since carrying out analysis is never easy.
Artificial Intelligence would help a lot of beginners on crypto trading as there wouldn't be passing through the stress of studying one analysis to another. But with the help of artificial intelligence traders would be rely more on artificial Intelligence to execute their traders that would also boost their profit.
Although, I have not used artificial intelligence before for trading cryptocurrency, but I have heard so much about how people having been using it for trading and one of the most popular artificial Intelligence that I knew about is ROYAL Q Crypto Trading Robot.
I came to know about ROYAL Q Crypto Trading Robot on a WhatsApp group and I heard that everything about the trading is done by robot. So friend, it is of no doubts that artificial Intelligence would bring a positive impact on crypto trading couple with the successful news that I have heard from people who had used artificial intelligence.
Conclusion:
Crypto trading is very lucrative and at the same time very risky which means that when trading crypto one needs to be very cautions about the market as it's highly volatile.
I am inviting; @fantvwiki, @amryksr and @rubilu123 to also participate
We've found Crypto in your hashtags, reshared to @crypto.defrag
You have good experience and you understand very well about cryptocurrency trading. Thank you for inviting me to join the Challenge, but I already joined the Challenge a few days ago.
I also share cryptocurrency trading posts, if you have time please take a look. I would be happy.
Thank you so much friend for coming around.
Do I really need to analyse the market before I enter into it? Does this mean that if I don’t make any analysis before buying and sell it shouldn’t be considered as trade?
For me I think the moment you buy or sell an asset even without thinking about it, we can still regard it as a crypto trade.
I don’t have much idea about swing trading but I think a scalper Involves the use of technical analysis too. A scalper makes use of a shorter time frame before getting into the market. I love scalping and from your words you love leaving the market as soon as you realise profit. As a scalper I will invite you to try scalping you will love it a lot😊🤔.
I love trx very much, this is because I see it with a lot of potential. Steemit makes it easier to have a lot of trx because of the trx rewards we get as well. For me I hardly trade my trx because I believe in having a whole bunch of it.
For some reasons I believe only an experienced trader should attempt using a trading bot. A beginner who doesn’t understand trading will be making a mistake using the bot. You need experience before you use the bot.
The houbi bot for instance is not like the normal trading bot. Even though you will be investing with a bot it still has a lot of technicalities.
Waooh I can see that you're honestly an experienced trader and your loved for Tron is massive. Thank you for contributing to my post.
This is an important lesson everybody has to learn in crypto. When I see my friends get angry because assets like steem have been down for so long I’m surprised especially with their gathered knowledge in crypto.
If you learn that the market isn’t anybody’s and won’t always move in your favor you save yourself a lot of heart aches.
Having your best asset as usdt is very justified. It’s safe from volatility and you always have funds to jump into the market when there’s an opportunity.
Thank you for your time here friend.
Understanding more about cryptocurrency market volatility will help one in controlling one's emotions when trading because even with good analysis, the unexpected can happen, not being upset and keeping our emotions in check will keep us calm and wait till we get our desired result.
Your definition of cryptocurrency trading is quite impressive, we need to make analysis on an asset before trading on it. You identified yourself as swing trader as you don’t want to stay for long in the market.
You have also traded with different timeframes with 5 minutes, 15 minutes and an hour timeframe, but currently your trading with 25minutes timeframe and prefer crypto pair with USDT as it more stable.
You had a regular trading for the past few months and learns to open and close you position anytime. You have also explained that you make some losses and also that with the PSG token, you benefited a lot from trading it.
You haven’t used AI in trading but you explained how it can help beginners from analysis stress. You talk about ROYAL Q Crypto Trading Robot and you first head of it on a WhatsApp platform.
Good luck
Swing trading is nice if you know your way around it, which with that, you don't get to stay in the market for long, just with some small market spikes , you get to have hit your target and make a move on.
That's a great choice of trading, just be careful enough to always trade what you can afford and avoid been greedy in the market.
25 minute time frame is what you depend on basically for your trading. This is a good time frame but in my case i feel there may be fake out during this period which may lead some one to disaster. Always make you analysis with higher time frame to see a more clear picture of the market. I wish you success.
Thank you for your contribution.